I know you’re wondering if you can purchase any bitcoins? And yes, you can, but it can only be done so via exchanges or directly from people in the marketplace!
While these may seem to be the easiest way to acquire them, you can also buy them using gift cards, investment trusts, credit or debit cards to wire transfer or more! However, it doesn’t matter what way you pick you would still need to set up a wallet to purchase and store your bitcoins. This could range from an online wallet to a mobile, desktop, or even an offline one. The wallet is an integral part of this step!
You have to remember though, you must keep your wallet and passwords safe, because if you lose it, you lose the bitcoins stored in them too. Now, if you are looking to purchase Bitcoins, you can do so in two ways.
Purchase bitcoins online
If you intend on buying bitcoins online, you should do some research in regards to what wallet you want to pick. Not every one of those would be a good idea based on where you are, or what you use. As for bitcoins? All you have to do is open an account at a cryptocurrency exchange, which isn’t quite uncommon! What do they do? They buy and sell bitcoin on your behalf. Not only are there hundreds of these operating at varying degrees of liquidity and security, but you have news ones emerge as quickly as the others shut down due to hacking.
How do I pay for these?
While most exchanges accept payments via bank transfers, credit cards, or in some instances Paypal transfers, they typically charge for each transaction, including the cost of using the bitcoin network.
Does the transaction take long?
Depending on the traffic in the network along with the fee attached to the transaction, it can take anywhere between a few minutes to a couple of days!
It will then purchase the corresponding amount of bitcoin once the exchange has received the payment. It will then automatically deposit them in a generated wallet on the exchange, which you can then move to your off-exchange wallet.
Purchase bitcoins using cash
Even though you can purchase bitcoins online, some like to use cash instead. You can utilize various platforms that will help find individuals or retail outlets what would exchange cash for bitcoins. Some of these would also direct you to a bank branch that would let you deposit cash, and you will receive bitcoin a few hours after.
If you want something faster than bank branches, then bitcoin ATMs are the best for you. How do these work? Since they are very similar to bank ATMs, all you have to do is feed in the bills, hold the QR code of your wallet to the screen, and it will send the amount of bitcoin to your account. Very simple and quick. You can use apps to find a bitcoin ATM near you.